A-Level AQA Business Studies Revision Unit 2(Part 1) : Managing A Business

There are 4 main functional areas of a business:

- Finance - Marketing

- Operations Management - Human Resources Management

Operations management - Producing the right amount of a good or service, at the right time, of the right quality, and at teh right cost to meet customer expectations

Human Resources management - The motivation, training and improvements a business gives to its workforce to ensure that they are efficient and effective

Centralisation - When decisions are made by the owners

Decentralisation - When decisions are made by other people in the business

Levels of Hierarchy - The structure of authority and layers of management in a business

Delegation - Choosing something or someone with a task or responsibility

Organisational structure - The way jobs, responsibilities, and power within a business are organised

Organisational chart - A diagram showing job titles, lines of communication, and responsibility within a business

Chain of command - The lines of authority within the business